shell bank

English - English

Definition of shell bank in English English dictionary

(Finans) A shell bank is a financial term that describes a bank that does not have a physical presence in any country. In order to prevent money laundering Subtitle A of the USA PATRIOT Act specifically prohibits such banks, with the exception of shell banks that are affiliate (under the control) of a bank that has a physical presence in the U.S. or if the foreign shell bank is subject to supervision by a banking authority in the non-U.S. country regulating the affiliated depository institution, credit union, or foreign bank

Turkish pronunciation

şel bängk

Pronunciation

/ˈsʜel ˈbaɴɢk/ /ˈʃɛl ˈbæŋk/

Etymology

[ 'shel ] (noun.) before 12th century. Middle English, from Old English sciell; akin to Old English scealu shell, Old Norse skel, Lithuanian skelti to split, Greek skallein to hoe.